The Price of Fuel will not Increase

Smotrich signed: This will be the price of fuel in August

Finance Minister Bezalel Smotrich signed orders to reduce the tax on gasoline during August 2023. As a result of the move, the price of fuel will not increase and will continue to stand at 6.85 NIS per liter

Gas station (Photo: Oliver Pitosi/Flash 90)

The Minister of Finance, Bezalel Smotrich, signed orders reducing the purchase tax and excise tax on gasoline. The orders stipulate that during August 2023, gasoline will be subject to a purchase tax and excise tax amounting to 2582.35 ₪ per thousand liters. This will result in a reduction of 89 agorot in the consumer price per liter of gasoline compared to the price without the tax reductions. Following the reduction, the expected consumer price per liter of gasoline for the month of August will remain at 6.85 shekels.

Since April 2022, against the backdrop of rising fuel prices, continuous temporary orders have been in effect to reduce the purchase tax and excise tax on gasoline. The current temporary orders result in a reduction of about 41.5 agorot from the consumer price per liter of gasoline compared to the price without the tax reductions.

This reduction was supposed to be reduced further at the end of July, resulting in a reduction of only 13 agorot per liter of gasoline for the consumer price compared to the price without tax reductions, which would remain in effect until the end of the year.

In order to prevent the expected increase in the price of gasoline, the newly signed orders state that during the month of August 2023 a tax reduction will be applied which will result in a reduction of approximately 89 agorot per liter in the price for the consumer, which will expire at midnight between August 31st and September 1st.

Minister of Finance, Bezael Smotrich: "We continue the struggle against the high cost of living and prevent an increase in fuel prices. The struggle against the high cost of living is a shared effort for all of us, and we are taking all necessary steps to ease the burden on Israeli citizens and safeguard the Israeli economy."

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